PRESS RELEASE FOR IMMEDIATE RELEASE
|
|
- Melvyn Hampton
- 8 years ago
- Views:
Transcription
1 Securities and Exchange Commission of Pakistan 12 TH FLOOR, NIC BUILDING, 63-JINNAH AVENUE, BLUE AREA, ISLAMABAD PRESS RELEASE FOR IMMEDIATE RELEASE KARACHI - MARCH 03, 2008: Following is the media brief as read out by the Chairman SECP Razi-ur-Raman Khan during a press conference in Karachi today (Monday). FOREIGN PORTFOLIO INVESTMENT IN PAKISTAN STOCK MARKET In the recent past, there have been discussions in various forums regarding the extent of Foreign Portfolio Investment (FPI) as well as Foreign Direct Investment (FDI) in the local bourses. Electronic and print media have a tendency to drive stock market on news of foreign investors entering into or getting out of the stock market. At the same time FPI statistics could not be corroborated by independent sources. With a view to addressing this undesirable situation, the Securities & Exchange Commission of Pakistan (SECP) undertook to ascertain and disseminate FPI, in the country on a daily basis. As we know that foreign investors can freely trade in the shares quoted on the Stock Exchanges in Pakistan and debt instruments inter alia T. bills, Federal Investment Bonds (FIBs), TFC s etc. For this purpose, foreign investors are required to open a Special Convertible Rupee Account (SCRA) with authorized dealer in Pakistan and this account need to be fed by remittances from abroad. Accordingly, by monitoring the movements in SCRA one could keep track of foreign investors activities in local stock market and debt capital market. Consequently movement movements in SCRA do not represent the extent of buying / selling being carried out by foreign investors. It is to be noted that a sell / divestment transaction by a non-resident is not recognized as an out flow from SCRA unless it eventually flows out of the SCRA and drains out of the Pakistani economy. SECP has therefore, decided to formulate a strategy to track the non-residents investors activities in the local capital market and to disseminate this information on daily basis. Utilizing the Universal Identification Number, UIN, of each foreign investor, SECP and NCCPL shall determine the amount of foreign investment made in the market. Based on an analysis of the information received from CDS, regarding shares held by foreign investors, other than long term FDI, as at February 13, 2008, and adjusting same with the net inflow/ outflow (represented by net buying/ selling) each day up Media Enquiries: Internal & External Communications Unit PHONE: , , FAX: , - asfandyar.khattak@secp.gov.pk
2 to February 29, 2008 we have determined the extent of foreign ownership in the local market. The results are quite revealing: a) Total investment in the local stock market by foreign portfolio investors as at February 29, 2008 is US$4.8 Billion, and represents 25% of the Free Float of the scrips in which the FPIs are invested, (this excludes GDRs and is based on February 29, 2008 closing rates). b) The following chart show the Gross and Net US$ Inflows and Outflows for each of the days in February 2008: Date Buy Value($) Sell Value($) Net Value ($) inflow / (outflow) February 1, ,930,720 7,940,678 3,990, February 4, ,813,368 12,483,975 8,329, February 6, ,137,338 7,510,935 4,626, February 7, ,006,383 6,803,072 (1,796,688.78) February 8, ,559,789 5,798,626 (2,238,837.31) February 11, ,574,568 4,421,683 3,152, February 12, ,109,328 19,710,585 (8,601,257.07) February 13, ,682,012 10,187,555 (3,505,542.31) February 14, ,604,742 18,262,805 18,341, February 15, ,397,581 16,104,442 42,293, February 19, ,016,117 16,186,181 35,829, February 20, ,668,379 28,557,365 59,111,
3 February 21, ,268,802 21,116,418 7,152, February 22, ,589,309 22,158,109 13,431, February 25, ,520,843 22,214,155 7,306, February 26, ,936,928 18,803,294 1,133, February 27, ,381,453 31,879,798 (7,498,344.80) February 28, ,224,353 36,892,257 (7,667,903.93) February 29, ,982,857 92,958,317 (49,975,459.68) Total 523,404, ,990, ,414,620 c) In February 2008 the net inflow of FPI is US $ 123.4million. d) It is also worth mentioning that in following scrips foreigners holding is in excess of 49% of Free Float: 1 Atlas Engg. Ltd 2 NEW JUBILEE LIFE INSURANCE COMPANY LTD. 3 FAYSAL BANK LIMITED 4 PREMIUM TEXTILE MILLS LIMITED 5 OIL & GAS DEVELOPMENT COMPANY LIMITED 6 FIRST CAPITAL MUTUAL FUND LIMITED 7 UTP-GROWTH FUND 8 HABIB METROPOLITAN BANK LIMITED 9 KOT ADDU POWER COMPANY LIMITED 10 ATLAS FUND OF FUNDS 11 AMERICAN LIFE INSURANCE CO. (PAK) LTD e) Foreigners have an interest in 327 scrips. From March 5, 2008 NCCPL website will daily announce the net inflow / outflow of foreign investment based on actual trading by foreigners in the market. 3
4 FINANCIAL INSTITUTION MARGINING SYSTEM Significant number of trades executed by members on the Stock Exchanges of the country emanate from Financial Institutions. Up till recently, the members were faced with the additional burden of depositing margins on behalf of these financial institutions (FIs), together with utilization of their capital adequacy in respect of such trades. Since there was no provision within the existing regulations of the Exchange or NCCPL to collect margins directly from FIs, it was decided to develop a mechanism which shall enable collection of margins directly from non-member institutions dealing though a member of the Exchange. A Committee was established for this purpose, and NCCPL was entrusted with the primary responsibility to develop the required infrastructure, systems and regulations to implement the Financial Institutions Margining System. The Financial Institution s Margining System was implemented by NCCPL from November 05, The said system is characterized with direct deposit of margins by Financial Institutions directly with NCCPL, in support of trades executed by members on behalf of such Financial Institutions. Once the requisite margins have been placed with NCCPL and the trades affirmed, margins of members placed on behalf of their FI clients are released by the respective stock exchanges, hence reducing the margin requirements of members and enabling them to enhance their trading capacity. The implementation of this system has resulted in: Reduction in margin demand for members of approximately Rs 3 billion * Relief in respect of capital adequacy for members of trades worth approximately Rs 23 billion * * Based on average figures for the week ended February 29, COMPULSORY COLLECTION OF MARGINS FROM CLIENTS One of the most distinguishing characteristic of the new Risk Management System is that it has abolished netting at client level, which was applicable during the previous risk management regime. Under the new regime, exposures are calculated at client level (based on Universal Identification Number (UIN) and no netting is allowed between long and short positions of different clients. Exposures calculation on UIN basis means that netting is allowed in the same scrip and same settlement period of a single client under the same broker. After the successful implementation of netting regime at client level, SECP has made it mandatory on the brokers to take margins from their respective clients in accordance with the rates as prescribed by the Exchange based on Value at Risk (VaR) Estimates. Regulation 8.4 of the Risk Management Regulations provide that such prescribed margins shall be the minimum margins that must be taken by the Member from each of their respective clients while trading/taking exposure on behalf of such client. The Stock Exchange shall ensure compliance of this 4
5 requirement through appropriate procedures including system audit and inspection of records. Non compliance of this regulation is punishable under Broker & Agents Registration Rules, 2001 which provide for a fine of up to Rs.100, 000 and even suspension of registration of the member(s). AUTOMATED HANDLING OF CORPORATE ACTION IN CFS FINANCED SECURITIES In case of corporate announcements in Continuous Funding System (CFS) transactions, the old system of transfer of these benefits to the rightful owner (CFS Financee) was very laborious, time consuming and out side the normal trading system of exchanges and clearing and settlement system of National Clearing Company of Pakistan Limited (NCCPL), where the CFS trades used to get force released prior to the pay-out time and then these CFS trades were settled manually between Member to Member. SECP started working with the Exchanges, Central Depository Company (CDC) and NCCPL to completely automate the mechanism to ensure that corporate action benefits were received by the Financee and not by the Financier. Development of this automated mechanism involved many challenges, especially in the area of regulatory framework and system architecture of Central Depository System and National Clearing and Settlement System (NCSS). The automated mechanism is now successfully in place for all corporate announcements from the year The Financiers allow CDC to automatically and without further instructions from them, move the CFS shares held in their blockedaccounts on the day prior to the book closure date. With the result that now, under the new system, the CDS determines the entitlement of the corporate benefits in the name of the CFS Financees, who are the real beneficial owners of the securities. In this manner, the corporate benefits are directly issued in the name of the CFS financee by the Issuer. The new automated system will increase tax revenues for the Government, since it will no more be possible to save taxes on dividends by entering into CFS transactions with Financiers having tax-exempt status. The first Corporate Action handled by this new automated mechanism was that of Dewan Cement, with book closure dated January 24,
Why and How to Invest in Pakistan? Guidelines for Foreign Investors/Non-Residents for Investment in Pakistan s Equity Market
Why and How to Invest in Pakistan? Guidelines for Foreign Investors/Non-Residents for Investment in Pakistan s Equity Market 1. Understanding investment into Pakistan Foreign investors who are non-residents
More informationWhat are Shares? What is a Stock Exchange? Why do Companies go Public? IPO explained.
What are Shares? Shares, as the name says, are shares in a limited company. Each shareholder is a partial owner of the company in which they have bought shares and investors can buy and sell their shares
More informationMARGIN FINANCING (MF) CONCEPT PAPER
MARGIN FINANCING (MF) CONCEPT PAPER Contents A. OBJECTIVES...3 B. MARGIN FINANCING THROUGH BROKERS...3 Scope...3 Working mechanism...3 Risk Management...5 Default procedures...6 C. DIRECT MARGIN FINANCING
More informationStock Brokers' Certification Summary Syllabus May 2012
Stock Brokers' Certification Summary Syllabus May 2012 Institute of Capital Markets 2012 Summary Syllabus Stock Brokers' Certification Examination Summary Syllabus May 2012 Summary Syllabus Copyright 2012
More informationThe Basics of Stock Market
Introduction INVESTOR S GUIDE WHAT IS STOCK EXCHANGE? A stock exchange, share market or bourse is an organization which provides "trading facilities for stock brokers and traders, to trade shares of the
More informationREGULATIONS GOVERNING STOCK INDEX FUTURES CONTRACT
REGULATIONS GOVERNING STOCK INDEX FUTURES CONTRACT (As amended on August 30, 2012 and sent for Gazette Notification) REGULATIONS GOVERNING STOCK INDEX FUTURES CONTRACT 1. PREAMBLE WHEREAS in order to introduce
More informationREGULATIONS GOVERNING DELIVERABLE FUTURES CONTRACT
REGULATIONS GOVERNING DELIVERABLE FUTURES CONTRACT OF THE ISALAMABAD STOCK EXCHANGE LIMITED (As amended on February 23, 2011 and sent for Gazette Notification) REGULATIONS GOVERNING DELIVERABLE FUTURES
More informationPakistan Equity Market Guide 2015. June 2015
Pakistan Equity Market Guide 2015 June 2015 1 Pakistan A Snapshot 2 Pakistan Equity Market Guide 2015 Pakistan A Snapshot Trade Information Major Market Major Indices Market Capitalization Average Daily
More informationDecember 27, 2010. Dear CDS Element,
December 27, 2010 Dear CDS Element, Attached please find the new s for Inter Free Deliveries related to Automation of Securities Transfer Mechanism in CDS. The same has also been placed on the home page
More informationNCCPL Regulations CHAPTER 12B: RISK MANAGEMENT SYSTEM OF THE COMPANY FOR DEBT MARKET CLEARING MEMBERS
NCCPL Regulations CHAPTER 12B: RISK MANAGEMENT SYSTEM OF THE COMPANY FOR DEBT MARKET CLEARING MEMBERS 12.B RISK MANAGEMENT SYSTEM OF THE COMPANY FOR DEBT MARKET CLEARING MEMBERS 12.B.1 Definitions For
More informationHow to File a Stock Market Complaint
Instructions for filing of Complaints against Members/Brokers/Agents of the Stock Exchanges 1. You can file all your complaints regarding stock brokers/agents only on the prescribed form, which is available,
More informationRegulations Governing Stock Index Futures Contract of the Islamabad Stock Exchange. (Sent for Gazette Notification on July 26, 2013)
Regulations Governing Stock Index Futures of the Islamabad Stock Exchange (Sent for Gazette Notification on July 26, 2013) 1. PREAMBLE WHEREAS in order to introduce trading of Stock Index Futures at the
More informationLahore Stock Exchange (G) Ltd. Regulations Governing Futures Contracts of LSE. Board means the Governing Board of Directors of the Exchange,
Lahore Stock Exchange (G) Ltd. Regulations Governing Futures Contracts of LSE Preamble: In terms of Section 34 (1) of the Securities and Exchange Ordinance, 1969, Lahore Stock Exchange (Guarantee) Limited,
More informationInvestor Guide ALL YOU NEED TO KNOW. (Vol: II)
Investor Guide ALL YOU NEED TO KNOW (Vol: II) TABLE OF CONTENTS 1. INTRODUCTION 2. IMPORTANT THINGS TO KNOW ABOUT EQUITIES 03 03 3. 3.1 3.2 3.3 3.4 HOW TO TRADE? Introducing Stockbrokers The Mechanics
More informationREGULATIONS GOVERNING STOCK INDEX FUTURES CONTRACT OF THE LAHORE STOCK EXCHANGE
REGULATIONS GOVERNING STOCK INDEX FUTURES CONTRACT OF THE LAHORE STOCK EXCHANGE (Updated as on July 26, 2013) SIFC Regulations have been published in the Gazette of Pakistan REGULATIONS GOVERNING STOCK
More informationInvestor Guide ALL YOU NEED TO KNOW. (Vol: I)
Investor Guide ALL YOU NEED TO KNOW (Vol: I) Table of Contents Page # 1. INTRODUCTION 03 2. 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 WHAT IS THE STOCK EXCHANGE? What is the Role of the stock exchange? Stock Exchanges
More informationMargin Tradi ding P roduct t s Overview February 7, 2011
Margin Trading Product s d Overview February 7, 2011 What Is Margin Trading? Margin trading is buying stocks without having to pay the entire money to do it. For example, if you were to buy 1000 shares
More informationREGULATIONS GOVERNING CASH-SETTLED FUTURES CONTRACT
REGULATIONS GOVERNING CASH-SETTLED FUTURES CONTRACT (As amended on August 30, 2012 and sent for Gazette Notification) REGULATIONS GOVERNING CASH-SETTLED FUTURES CONTRACT 1. PREAMBLE WHEREAS in order to
More informationRISK DISCLOSURE STATEMENT
RISK DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and
More informationHow To Make Index Option Contracts In Karnival Stock Exchange
REGULATIONS GOVERNING INDEX OPTION CONTRACTS [Gazette Notification of MAY 02, 2012] REGULATIONS GOVERNING INDEX OPTION CONTRACTS OF THE KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED 1. PREAMBLE WHEREAS in
More informationJUBILEE LIFE INSURANCE COMPANY LIMITED. Notice of Extraordinary General Meeting
JUBILEE LIFE INSURANCE COMPANY LIMITED Notice of Extraordinary General Meeting Notice is hereby given that the Extraordinary General Meeting of the Shareholders of Jubilee Life Insurance Company Limited
More informationInternet Trading Guide
Internet Trading Guide What is an Internet trading account? An Internet trading account is a special type of account designed specifically for individual investors who prefer to use the Internet to place
More informationForeign Portfolio Investment in India: SEBI creates a new class of investors
Foreign Portfolio Investment in India: SEBI creates a new class of investors Introduction In order to harmonize the various available routes for foreign portfolio investment in India, the Indian securities
More informationTable of Content. 1. What is Equity Trading... 2. 2. What is Stock Exchange... 2. 3. Role of Stock Exchanges In Capital Market...
Investor Guide Table of Content 1. What is Equity Trading... 2 2. What is Stock Exchange... 2 3. Role of Stock Exchanges In Capital Market... 2 4. What is Equity Share... 3 4.1 Preferences Shares...3 4.2
More informationBOND AUTOMATED TRADING SYSTEM (BATS) REGULATIONS
BOND AUTOMATED TRADING SYSTEM (BATS) REGULATIONS OF KARACHI STOCK EXCHANGE LIMITED (As amended on January 27, 2014 and sent for Gazette Notification) BOND AUTOMATED TRADING SYSTEM (BATS) REGULATIONS PREAMBLE:
More informationSpecial Section: Profile of Mutual Funds
Special Section: Profile of Mutual Funds In an environment where investors and savers lament the lack of investment options, financial savings in the economy do not show an encouraging growth pattern,
More informationMAIN CHARACTERISTICS OF PILOT PROGRAMME SECURITIES
PILOT PROGRAMME FOR TRADING US SECURITIES Informational Documentation For Clients of Exchange Participants The material contained herein is for general information and investors should only consider participating
More informationREGULATIONS GOVERNING RISK MANAGEMENT
REGULATIONS GOVERNING RISK MANAGEMENT OF KARACHI STOCK EXCHANGE LIMITED (As amended on March 18, 2013 and sent for Gazette ification) REGULATIONS GOVERNING RISK MANAGEMENT OF KARACHI STOCK EXCHANGE 1.
More informationSelling Shares On The Stock Exchange
EXPLANATION OF SECURITIES TRADING: WHAT ARE SHARES? Shares, as the name says, are shares in a limited company. Each shareholder is a partialowner of the company in which they have bought shares and investors
More informationFRIEDLAND CAPITAL INC. GUIDE TO AMERICAN DEPOSITARY RECEIPTS
FRIEDLAND CAPITAL INC. GUIDE TO AMERICAN DEPOSITARY RECEIPTS With global economies increasingly intertwined, it shouldn t come as a surprise that large numbers of non-us corporations have sought access
More informationREGULATIONS THE KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED
K ARACHI A UTOMATED T RADING S YSTEM (KATS) REGULATIONS OF THE KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED (As amended on April 01, 2011 and sent for Gazette Notification) KARACHI AUTOMATED TRADING SYSTEM
More informationTHIRD SUPPLEMENT TO THE OFFERING DOCUMENT OF ALFALAH GHP CASH FUND MANAGED BY: ALFALAH GHP INVESTMENT MANAGEMENT LTD.
THIRD SUPPLEMENT TO THE OFFERING DOCUMENT OF ALFALAH GHP CASH FUND MANAGED BY: ALFALAH GHP INVESTMENT MANAGEMENT LTD. DATED: SEPTEMBER 24, 2012 1 Third Supplement dated September 24, 2012 to the Offering
More informationRisk Warning Notice. Introduction
First Equity Limited Salisbury House London Wall London EC2M 5QQ Tel 020 7374 2212 Fax 020 7374 2336 www.firstequity.ltd.uk Risk Warning Notice Introduction You should not invest in any investment product
More informationHow to read your Brokerage Statement
How to Read Your Brokerage Account Statement Introduction This brochure aims to give you an overview of the features and benefits of First Republic Brokerage Account statements.1 Your personal Brokerage
More informationEMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES
2007 FAS ANNUAL CONFERENCE FAIRMONT CHATEAU MONTEBELLO SEPTEMBER 27 30, 2007 EMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES Louis Piergeti Vice President, Financial Compliance IDA 1 Emerging
More informationIBT Pakistan International Balk Terminal Limited
KARACHI STOCK EXCHANGE LIMITED KSE/N-4641 N 0 T I C E September 17, 2015 Reproduced hereunder letter dated September 15, 2015 received from PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED, alongwith the relevant
More informationREGULATIONS GOVERNING SYSTEM AUDIT [REGULATORY COMPLIANCE] OF THE BROKERS OF THE KARACHI STOCK EXCHANGE
REGULATIONS GOVERNING SYSTEM AUDIT [REGULATORY COMPLIANCE] OF THE BROKERS OF THE KARACHI STOCK EXCHANGE (As amended on July 17, 2012 and sent for Gazette Notification) PREAMBLE Whereas, it is considered
More informationPRACTICE QUESTIONS SECURITIES MARKET (BASIC) MODULE. 1) The following are participants in the securities markets. (1 mark)
PRACTICE QUESTIONS SECURITIES MARKET (BASIC) MODULE 1) The following are participants in the securities markets. (a) Underwriters (b) Debenture Trustees (c) Venture Capital Funds (d) All of the above 2)
More informationVirtual Stock Market Game Glossary
Virtual Stock Market Game Glossary American Stock Exchange-AMEX An open auction market similar to the NYSE where buyers and sellers compete in a centralized marketplace. The AMEX typically lists small
More informationLAHORE STOCK EXCHANGE & DEMUTUALIZATION OF STOCK EXCHANGES OF PAKISTAN. By Mian Shakeel Aslam Managing Director/CEO, LSE
LAHORE STOCK EXCHANGE & DEMUTUALIZATION OF STOCK EXCHANGES OF PAKISTAN By Mian Shakeel Aslam Managing Director/CEO, LSE 1 Presentation Summary Definitions/Concepts About Lahore Stock Exchange Definitions/Concepts
More informationMutual Funds in Pakistan
Mutual Funds in Pakistan Investors Education Seminar arranged by SECP and ICAP held on 29th January 2015 Presented By First Capital Investments Limited Definition of Mutual Fund A mutual fund is a collective
More informationALL SHARES ISLAMIC INDEX OF PAKISTAN
`` ALL SHARES ISLAMIC INDEX OF PAKISTAN (Developed by Karachi Stock Exchange and Meezan Bank Limited) Table of Contents... Page ALL SHARES ISLAMIC INDEX...1 1.1 Eligibility Criteria...2 1.1.1 Shariah Screening
More informationRISKS DISCLOSURE STATEMENT
RISKS DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and
More informationHow To Understand The Cci Process
CHESS Understanding CHESS Depositary Interests CHESS DEPOSITARY NOMINEES PTY LTD (AFSL 254514) FINANCIAL SERVICES GUIDE The purpose of this financial services guide (FSG) is to assist issuers in deciding
More informationKingdom of Saudi Arabia Capital Market Authority. Investing in the Stock Market
Kingdom of Saudi Arabia Capital Market Authority Investing in the Stock Market Background Saudi joint-stock companies started their business in the mid 1930s when the Arab Automobile Company was established
More informationThe Options Clearing Corporation
PROSPECTUS M The Options Clearing Corporation PUT AND CALL OPTIONS This prospectus pertains to put and call security options ( Options ) issued by The Options Clearing Corporation ( OCC ). Certain types
More informationPART III TERMS APPLICABLE TO RESPECTIVE ACCOUNTS Schedule A Terms for Cash Account / Margin Account. 5. Pilot Programme for Trading US Securities
Additional information to the Client Trading Master Document Terms and Conditions (Version 6) are set out in this appendix. To download the online version, please visit our company website http://www.cashon-line.com.
More informationNATIONAL STOCK EXCHANGE OF INDIA LIMITED
NATIONAL STOCK EXCHANGE OF INDIA LIMITED Retail Debt Market NSE has introduced a trading facility through which retail investors can buy and sell government securities from different locations in the country
More informationREGULATIONS FOR SHORT SELLING UNDER READY MARKET, 2002 THE KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED
REGULATIONS FOR SHORT SELLING UNDER READY MARKET, 2002 OF THE KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED (As amended on November 23, 2011 and sent for Gazette Notification) THE REGULATIONS FOR SHORT SELLING
More information83118 - RMB counter 03118 - HKD counter. 100 Units- RMB counter 100 Units HKD counter 3.10% MSCI China A Index. Renminbi (RMB) 31 December
Issuer: Harvest Global Investments Limited PRODUCT KEY FACTS Harvest MSCI China A Index ETF A sub-fund established under the Harvest Funds (Hong Kong) ETF This is an exchange traded fund. This statement
More informationRULEBOOK ON PENSION FUND INVESTMENT
Unofficial Translation AGENCY FOR SUPERVISION OF FULLY FUNDED PENSION INSURANCE RULEBOOK ON PENSION FUND INVESTMENT Skopje, June 2004 According to Article 105 paragraph (3), Article 106 paragraphs (1)
More informationMember s Profile. KELER Ltd. (hereinafter referred to as: KELER) Total Shareholders Equity: USD 121 million
Member s Profile Organization Name: KELER Ltd. (hereinafter referred to as: KELER) Country/ Region: Hungary Name of CEO: György Dudás Capital (US$): Total Shareholders Equity: USD 121 million Share capital:
More informationDefinitions. Article (2)
Definitions Article (2) The following words and phrases wherever mentioned in this Law shall have the meanings ascribed thereto hereunder unless the context indicates otherwise: The Commission The Board
More informationInternet Trading Regulations Of the Karachi Stock Exchange (Guarantee) Limited
Internet Trading Regulations Of the Karachi Stock Exchange (Guarantee) Limited [Sent for Gazette Notification on July 02, 2012] PREAMBLE: WHEREAS the Karachi Stock Exchange (Guarantee) Limited has decided
More informationFEES, COMMISSIONS AND COSTS
FEES, COMMISSIONS AND COSTS 1- Resolution No. (1) of 2000, in respect of the brokers commission at the Bahrain Stock Exchange. 2- Amended Fees as per the Exchange s Board of Director s Resolution No. 2/66/98:
More informationImportant notice of trading via Shanghai-Hong Kong Stock Connect
Important notice of trading via Shanghai-Hong Kong Stock Connect What is Shanghai-Hong Kong Stock Connect? Shanghai-Hong Kong Stock Connect is a pilot programme developed by Hong Kong Exchanges and Clearing
More informationPRACTICE QUESTIONS CAPITAL MARKET (DEALERS) MODULE. 1. Appeal against the orders Securities and Exchange Board of India can be made to
PRACTICE QUESTIONS CAPITAL MARKET (DEALERS) MODULE 1. Appeal against the orders Securities and Exchange Board of India can be made to. Central Government Securities Appellate Tribunal Registrar of Companies
More informationFAQs FOR NRI - TRADING ACCOUNT
FAQs FOR NRI - TRADING ACCOUNT Q1 Q2 Q3 Who is a non-resident Indian (NRI)? Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin"[as
More informationThe Bermuda Stock Exchange
The Bermuda Stock Exchange Foreword This Memorandum has been prepared for the assistance of anyone who requires information about the Bermuda Stock Exchange. It deals in broad terms with the Bermuda Stock
More informationOperational Guidelines for Account Conversion Investors Related to the Stock-for-stock Merger of China Merchants Property Development Co., Ltd.
Operational Guidelines for Account Conversion Investors Related to the Stock-for-stock Merger of China Merchants Property Development Co., Ltd. by China Merchants Shekou Industrial Zone Holdings Co., Ltd.
More informationWHAT ARE MUTUAL FUNDS?
MUTUAL FUNDS ASSOCIATION OF PAKISTAN WHAT ARE MUTUAL FUNDS? Mutual Funds Association of Pakistan is the trade body duly licensed by the Government of Pakistan for the mutual fund industry in Pakistan.
More informationDCI Investment Trust. Da Cheng China RMB Fixed Income Fund. Addendum to the Explanatory Memorandum dated January 2012 ( Explanatory Memorandum )
DCI Investment Trust Da Cheng China RMB Fixed Income Fund Addendum to the Explanatory Memorandum dated January 2012 ( Explanatory Memorandum ) IMPORTANT NOTE: This Addendum is supplemental to and forms
More informationNational Clearing Company of Pakistan limited
National Clearing Company of Pakistan limited 8 th Floor, Karachi Stock Exchange Building, Stock Exchange Road, Karachi. SUB-ACCOUNT OPENING FORM FOR A COMPANY OR OTHER BODY CORPORATE (Sub-Accounts are
More informationFAQs FOR NRI - TRADING ACCOUNT
FAQs FOR NRI - TRADING ACCOUNT Q1 Definition of Non-Resident Indian (NRI)? Foreign Exchange Regulation Act (FERA) defines Non-Resident Indian (NRI) as a person who is not resident in India but who is a
More informationThis document is available online in Adobe Portable Document Format (PDF) at: www.asxonline.com > Participants > Library > Manuals
GLOSSARY This document is available online in Adobe Portable Document Format (PDF) at: www.asxonline.com > Participants > Library > Manuals For the legal definition of a particular term, refer to the definitions
More informationFollowing A Trade. A Guide to DTCC s Pivotal Roles in How Securities Change Hands
Following A Trade, A Guide to DTCC s Pivotal Roles in How Securities Change Hands,,, In today s U.S. capital markets, billions of shares of securities change hands every day. Brokers, banks, investment
More informationINVESTMENT DICTIONARY
INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and
More informationBalance of Payments Accounting. (guidelines recommended by the IMF International Monetary Fund )
Balance of Payments Accounting (guidelines recommended by the IMF International Monetary Fund ) To understand the factors that affect international trade and lending first requires basic knowledge of Balance
More informationAddendum. This addendum set out changes to be made in the Statement of Additional Information (SAI) of Tata Mutual Fund.
Addendum This addendum set out changes to be made in the Statement of Additional Information (SAI) of Tata Mutual Fund. Date of Enactment of Finance Bill 2015: 14th May 2015 Section VI. TAX & LEGAL & GENERAL
More informationCHAPTER 13 COMPLIANCE
CHAPTER 13 COMPLIANCE By a Trading Member / Clearing Member 13.1 Annual Accounts and Audit 13.1.1 Every trading member / clearing member shall prepare annual accounts for each financial year ending on
More informationI. Introduction. II. Financial Markets (Direct Finance) A. How the Financial Market Works. B. The Debt Market (Bond Market)
University of California, Merced EC 121-Money and Banking Chapter 2 Lecture otes Professor Jason Lee I. Introduction In economics, investment is defined as an increase in the capital stock. This is important
More informationAll transactions, not specified above, require prior approval from the Financial Surveillance Department.
NON-RESIDENT ACCOUNTS, CUSTOMER FOREIGN CURRENCY ACCOUNTS, FOREIGN CURRENCY ACCOUNTS AND FOREIGN BANK ACCOUNTS (A) NON-RESIDENT ACCOUNTS Transactions over Non-Resident Accounts Rand accounts opened by
More informationPurpose of Selling Stocks Short JANUARY 2007 NUMBER 5
An Overview of Short Stock Selling An effective short stock selling strategy provides an important hedge to a long portfolio and allows hedge fund managers to reduce sector and portfolio beta. Short selling
More informationTHE LAW OF THE KYRGYZ REPUBLIC. On securities market
Bishkek July 21, 1998, # 95 THE LAW OF THE KYRGYZ REPUBLIC On securities market Chapter 1. General Provisions Chapter 2. State Regulation of Securities Market Chapter 3. Professional Securities Market
More informationTax Impacts to Structure Investments in Brazil Debt or Equity. Andrea Bazzo Lauletta November 2012
Tax Impacts to Structure Investments in Brazil Debt or Equity Andrea Bazzo Lauletta November 2012 Introduction Brazilian Scenario for Non-Resident Investments Brazil has a specific set of rules for non-resident
More informationAUTHORITY TO RETAIN FUNDS/SECURITIES TOWARDS MARGIN IN CASH SEGMENT, F&O SEGMENT AND ANY OTHER SEGMENT
Dated : SUB : AUTHORITY TO RETAIN FUNDS/SECURITIES TOWARDS MARGIN IN CASH SEGMENT, F&O SEGMENT AND ANY OTHER SEGMENT I/We, am/are, registered with you as a Client for execution of trades from time to time
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INVESTMENT BANKING CONTENTS INTRODUCTION... 1 General Operation of Goods and Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF THE INDUSTRY...
More informationProvisional Regulations on Administration of Stock Investment0020of Insurance Institutional Investors 保 险 机 构 投 资 者 股 票 投 资 管 理 暂 行 办 法
Provisional Regulations on Administration of Stock Investment0020of Insurance Institutional Investors 保 险 机 构 投 资 者 股 票 投 资 管 理 暂 行 办 法 Chapter 1 General Provisions Article 1 These Regulations are formulated
More informationL A W ОN FOREIGN EXCHANGE OPERATIONS
L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;
More informationC. Historical background
C. Historical background Exchange control in the form of the Emergency Finance Regulations was first introduced in South Africa at the outbreak of the Second World War in 1939. The Regulations were at
More informationEnriching knowledge series: Learn more about stock listing, bonds and funds investment
Enriching knowledge series: Learn more about stock listing, bonds and funds investment June 2012 External Relations Rundown Part 1: New stock listing methods Break Part 2: Credit ratings and ibonds Part
More informationEVLI SWEDEN EQUITY INDEX FUND
EVLI SWEDEN EQUITY INDEX FUND FUND-SPECIFIC RULES The fund rules consist of fund-specific rules and common rules based on the UCITS IV Directive. 1 The Fund The name of the mutual fund will be Sijoitusrahasto
More information(1) In these Regulations, unless there is anything repugnant in the subject or context,
THE GAZETTE OF PAKISTAN EXTRAORDINARY PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN THE COMPANIES (BUY-BACK OF SHARES) REGULATIONS, 2009 NOTIFICATION Islamabad, the January 2009
More informationContracts for Difference (CFDs)
Contract for Difference (CFDs) and FCA Disclosure Requirements What are Contract for Difference (CFDs) CFDs (also known as Synthetic Equity Swaps (SES)) are Over the Counter (OTC) transactions which allow
More informationThe Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION
The Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION November 2001 Table of Contents INTRODUCTION...1 LEGAL STRUCTURE...5 PARTICIPANTS...7 SYSTEM...10 ACCOUNTS...12 TRADING...17
More informationTrading of Government Securities on the Stock Exchanges
Trading of Government Securities on the Stock Echanges Draft Scheme for comments [Objective With a view to encouraging wider participation of all classes of investors, including retail, across the country
More informationTHE DAR ES SALAAM STOCK EXCHANGE
THE DAR ES SALAAM STOCK EXCHANGE 1. What is DSE? FREQUENTLY ASKED QUESTIONS ABOUT DAR ES SALAAM STOCK EXCHANGE DSE is a short term for name The Dar es Salaam Stock Exchange a secondary market for financial
More informationi T-bill (dy) = $10,000 - $9,765 360 = 6.768% $10,000 125
Answers to Chapter 5 Questions 1. First, money market instruments are generally sold in large denominations (often in units of $1 million to $10 million). Most money market participants want or need to
More informationSECURITIES AND EXCHANGE COMMISSION THE CHALLENGES OF ESTABLISHING EFFICIENT SECURITIES SETTLEMENT SYSTEM IN AN EMERGING MARKET
SECURITIES AND EXCHANGE COMMISSION THE CHALLENGES OF ESTABLISHING EFFICIENT SECURITIES SETTLEMENT SYSTEM IN AN EMERGING MARKET Being a paper delivered at a colloquium on Financial Markets Law at the first
More informationDumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010
Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated
More informationLAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA
The translation of BiH legislation has no legal force and should be used solely for informational purposes. Only legislation published in the Official Gazettes in BiH is legally binding. LAW ON FOREIGN
More informationSyrian Arab Republic Damascus Securities Exchange Resolution No /324/ DSE Trading Instructions Definitions Article (1): Commission
Definitions Syrian Arab Republic Damascus Securities Exchange Resolution No /324/ The Board of Directors of the Damascus Securities Exchange (hereinafter the Board), pursuant to the provisions of Law 22
More informationCHAPTER I GENERAL PROVISIONS
China Securities Depository and Clearing Corporation Ltd. Implementing Rules for Registration, Depository and Clearing Services under the Shanghai-Hong Kong Stock Connect Pilot Program Declaimer: For the
More informationPROPOSALS FOR GENERAL MANDATES TO BUY BACK SHARES AND TO ISSUE SHARES AND NOTICE OF ANNUAL GENERAL MEETING
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your licensed securities dealer
More informationModernization of the National Payment System
Modernization of the National Payment System Dr Ranee Jayamaha Deputy Governor Central Bank of Sri Lanka The payment system is the mechanism through which money is transferred between savers and borrowers,
More informationIGAS 3. Cash Flow Statements. Government Accounting Standards Advisory Board. Contents
Cash Flow Statements Government Accounting Standards Advisory Board Contents Description Page Number 1. Introduction 3 2. Objective 3 3. Scope 3 4. Benefits of Cash Flow Information 4 5. Definitions 4
More informationINTRODUCTION WHAT IS A STOCK EXCHANGE? A Stock Exchange is an organized market in securities (shares, stocks and bonds).
INTRODUCTION A lot of people may be asking the question: "What exactly is a Stock Exchange?" If you have such a question on your mind, you are not alone, because Stock Exchange is new to Ghana even though
More informationBefore placing an order...
123456789 Before placing an order... What points should I bear in mind? Check that the entity you have signed an agreement with for the routing of orders is authorised to provide investment services in
More informationEXCHANGE Traded Funds
EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...
More informationBUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES)
BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES) 1 The Agenda Why long term financing? The current status and existing alternatives Challenges of raising long term capital in Tanzania Capital
More information